(1) The commissioner shall designate an examiner as supervisor of industrial banks who shall be sufficiently qualified by training and experience in the business of industrial banks or other financial institutions or as an employee of a state or federal agency supervising financial institutions to perform the duties of the office.

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Terms Used In Utah Code 7-1-207

  • Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
  • control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
         (5)(a) direct or exercise a controlling influence over:
              (5)(a)(i) the management or policies of a financial institution; or
              (5)(a)(ii) the election of a majority of the directors or trustees of an institution; or
         (5)(b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
  • Department: means the Department of Financial Institutions. See Utah Code 7-1-103
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • State: means , unless the context demands otherwise:
         (33)(a) a state;
         (33)(b) the District of Columbia; or
         (33)(c) the territories of the United States. See Utah Code 7-1-103
(2)

     (2)(a) The supervisor of industrial banks is responsible, subject to the direction and control of the commissioner, for the general supervision and examination of all industrial banks subject to the jurisdiction of the department and other institutions as assigned.
     (2)(b) The supervisor shall:

          (2)(b)(i) assist and advise the commissioner in the execution of the laws of this state relating to these institutions; and
          (2)(b)(ii) perform other duties prescribed in this title or assigned by the commissioner.